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investing, and ultimately that's what gets the economy going at a rate that we haven't yet enjoyed so far in this recovery. >> then, dan, are we feeling this way? you share the view that we are not -- we're not done with the fiscal cliff. we're not going to suddenly solve our fiscal problems. we certainly haven't been talking it up on the spending side. we've agreed -- we haven't agreed but there seems to be a movement toward the idea that some taxes will go up on the high end and the middle class won't see much of a tax increase. are we justified? >> i think the typical consumer is not like you and me and the other guests there. the typical consumer makes about $60,000 a year for their family. they're not getting tax dividends so they're not freaked up about those going up. they're concerned about their paychecks and paychecks have been more steady for the first time in several years, wages have gone up a little bit, and the biggest asset people own is a house. it's not just a volume of sales rising and construction but home values. and so with every passing week, a certain number of peo
've spent a good deal of your career working on, mr. hall, has been the improvement of the american economy. and tonight i'd like to join a couple of my colleagues on the democratic side to talk about the economy and specifically to talk about jobs and the things that we can do here in the a winning days of this congress -- wanning days of this congress to create some job opportunities. we've got some very heavy lifting here in congress in the next month and a half. everybody wants to talk about the fiscal cliff, some talk about austerity, bomb, others talk about what needs to be done to lift the debt limit. and all of these issues are before us. tax increases are not. but underlying all of that, foundational to all of that, is putting america back to work. getting americans back into their jobs. if we do that we will clearly increase employment and when you increase employment you always increase tax revenue to the federal government, to state governments and local governments. so our principle task as i see it and i think i'm joined by many of my colleagues, both democratic and republican
's what gets the economy going at a rate that we haven't yet enjoyed so far in this recovery. >> so why? why then, dan, are we feeling this way? you share the view that we are not -- you're not done with the fiscal cliff. we're not going to suddenly solve our fiscal problems. we certainly haven't been talking enough on the spending side. there seems to be movement toward the idea that some people's taxes will go up at the high end. middle class won't see much of a tax increase. why the optimism? are we justified? >> well, i think the typical consumer is not like you and me and our other guests here. the typical median income is $60,000 a year for a family. they're not getting a lot of money from capital gains and dividends. they're not freaked out at the prospect of those going up. they're concerned about what is in their paycheck. paychecks are morsteady than they had been any time the last few years. wages are going up a little bit. the biggest asset that anybody owns is a house. we finally seem -- it's not just the value of sales rising and construction but home values. and so with e
to make a decision and then they looked at taxes, the economy, jobs, and they went to the president. >> what is an emerging trend in technology or how people consumer information that will have implications for 2014? the leading edge? >> that is a good question. the prevalence of people getting their information online has exploded. you look as swing voters and how little they are watching tv, we all had three places you got your news from. now they get their nightly news from 15 sources. jon stewart is an important moment from that. if you are a democratic-leaning woman, you love rachel maddow. getting to those people is harder. they are way more online than anyone. you have to go to where they are. campaigns will spend more and more of their money online than ever before. until it reaches parity with television. >> and you think television will still be big in 2016. >> it is going to be the dominant media but online is going to catch up very quickly. i think it already is catching up for young voters who are looking -- >> within a couple cycles? >> no question. i think the next el
for the biggest airports in the country. wait until you hear this one. could this have an impact on the economy? that nobody thought of. we will break it all down for you, more "money" coming up. ♪ ♪ [ male announcer ] they are a glowing example of what it means to be the best. and at this special time of year, they shine even brighter. come to the winter event and get the merces-nz you've always wished for, now for an exceptional price. [ santa ] ho, ho, ho, ho! [ male announcer lease a 2013 glk350 for $399 a month at your local mercedes-benz dealer. melissa: the service employees union is trying to disrupt one of the busiest travel days of the year at lax headquarters in l.a. or the 1000 protesters are out blocking traffic trying to prevent travelers from getting to the airport. people were told to allow an extra hour and a half to get there. an extra hour and half on top of all the hours were supposed to get there ahead of time. with me now for both sides of the debate. gentlemen, welcome to the debate. i will start with you because as we watched all the video today of protesters out the
going to make the economy worse. they just keep pumping more debt in the the economy. host: you are saying go over the fiscal cliff? caller: yes. it is not even enough in my opinion to balance the budget. it is still about three times the average deficit under bush. let us go back to the clinton tax era. eileen anywhere between republican and libertarian. up -- yes i am not. i lean anywhere between republican and a libertarian. host: what do you make of republicans up on capitol hill -- to sort of a back off the tax pledge that he took when he ran for senate, saying he would not raise taxes. caller: if we are going to raise taxes my important thing is raising them on everybody. because if they try to strike a compromise where only the rich get taxed, then it gets more progressive. it is not a point to help the budget. we are right to raise taxes, raise them all the way down to where clinton had them. host: senators lindsey gramm represented peter king, talking publicly abandoning the pledge of democrats will talk seriously about entitlement reforms. rest in peace, grover norquis
return to a normal economy that returns about 18.5%, that would increase revenue an additional over $400 billion per year, that's $750 billion of revenue per year through economic growth. and the president, his proposal would raise 1/10 of that but would put at risk the economic growth and that $750 billion. so -- >> sir, with all due respect, though -- >> counterproductive. >> that's an answer to the question. there's nothing you see over the next 35 days that would have you break that pledge with grover norquist? >> no, because raising taxes harms the economic growth. you get ten times the revenue by economic growth rather than punishing success. and, again, all of us are saying president obama, show us your plan for restraining the size of government, that's the main problem. again, his revenue proposal would raise $68 billion when we have over $1 trillion worth of deficit. where's the other $1 trillion in his balance plan? mr. president, show us your plan. >> sir, one thing, mitch mcconnell has said that revenue is on the table as long as entitlements would be on the table. conductin
to it happening. there's also a consensus right and left it would be bad for the economy. so i think that when we are just looking at the tax component, there are certain things that we kev knitly -- definitely need to do. patching the a.m.t. for the first year is big. if we don't get a deal on the rest of the tax cuts until early 2013, i don't think that would be the worst thing for the economy. i do believe that it is kind of a little more of a slope. i do think that there is -- i think that the worst part of the fiscal cliff are going to be avoided, and beyond that i think that both sides if they don't come together then we have a lot more revenue, and then we could do something like tax reform on top of that higher revenue, which would still bring in some revenue, yet at the same time satisfy a lot of republican demands for possibly lower rates. again, we can cross that bridge when we get to it. right now i think we won't -- if there is going to be a deal in this lame duck session, we are not going to know until the very end. host: thank you, gentlemen. appreciate your helping us out with thi
. wait until you hear this one. could this have an impact on the economy? that nobody thought of. we will break it all down for you, more "money" coming up. hey, yo, check out is chef, right? right? that's so gay. that's really gay. dude, look at those pants. please don't say that. what? don't say that something is gay when you mean that something is dumb or stupid. it's insulting. it's like if i thought this pepper shaker was stupid, and i said, "man, this pepper shaker is so 16-year-old boy with a cheesy mustache." just saying. melissa: the service employees union is trying to disrupt one of the busiest travel days of the year at laheadquarters in l.a. or the 1000 protesters are out blocking traffic trying to prevent travelers from getting to the airport. people were told to allow an extra hour and a half to get there. an extra hour and half on top of althe hours were supposed to get there ahead of time. with me now for both sides of the debate. gentlemen, welcome to the debate. i will start with you because as we watched all the video today of protesters out there trying to wreck
this drags on, the uncertainty continues to hurt the economy and continues to undermine markets. >> james nixon, thank you. autonomy's ceo says he's shocked by allegations of mismanagement. they've been forced to take a nearly $9 billion charge because of what it called serious improprieties. lynch says the trouble arose after hp took over the company. >> we've been talking about a massive elephant in the room that wasn't spotted. the reason it wasn't spotted is very simple, it wasn't there. it was done, in their own words, meticulously and great detail. and then they actually ran the company, including doing all of the books for the last four quarters. >> hp shares down 12% yesterday, closing on a ten-year low right now. that is the euro's closing price. >>> still to come later, he's now apologized to the investors for the poor call and says the end for hp is not even sight. >>> also, japan has posted its worst trade deficit in october for more than three decades. exports dropped sharply amid territorial tensions between tokyo and beijing. it indicates the world's third biggest economy i
happened until they exploded. now, those dangers to the economy are better understoood and are being tracked." in 2010, schapiro's sec was surprised by an $862 billion 'flash crash,' made worse by electronic and high-frequency trading. it's all added up to more regulation that some believe has cut out smaller firms and individuals - among them, introducing brokers, ib's who accept orders to buy and sell but not the funds to support them. "they just say, 'this is not worth it to verify the source of funds for all my clients globally.' they just can't do it." while some believe schapiro leaves just as dodd-frank financial reforms are yet to be implimented may be drawn by a large firm to navigate those changes, others believe she may be headed to a cabinet position, perhaps the treasury. investors are shining a new light on knight capital. the trading firm teetered on the brink of bankruptcy for a few months. now that the wall street journal is reporting the firm may have a buyer, investors jumped on board, snapping up shares of knight capital monday. however, the ceo of knight capital
on the horizon. that's where we begin this morning. how confident are you about the state of the u.s. economy? what steps are you taking to prepare for the potential impact if the u.s. goes off the fiscal cliff? give us a call this morning. you can also catch up with us on all your favorite social media sites, twitter or facebook. or e-mail us. thismorning to you on wednesday, november 21. we are talking about federal reserve chairman ben bernanke's comments yesterday about the fiscal cliff, and getting your thoughts on bthe u.s. economy. and this headline -- also, in the financial times -- to tell little bit more about ben bernanke's , and sister day we turn to david clarke of "politico," their financial services editor. thanks for joining us. guest: thanks for having me. host: what is making the most waves from his speech? guest: in the past he has warned that congress and the president's path to take care of the fiscal cliff. yesterday he said it is not simply doing it but how they do it, making a point that voters will be looking to see if they can do this in a cooperative manner, whether
, we will ask a business expert what fewer shoppers means for the overall economy. rick: shifting gears now overseas, the hamas terrorist group is accusing israel of breaking the ceasefire rules agreed to only a couple of days ago, two days after a truce was reached along the israel/gaza border. the shooting death of a palestinian man today could threaten the already-fragile agreement. conor powell is live in jerusalem with the very latest. >> reporter: well, rick, given that the level of trust between israel and hamas is so low, expectations for this ceasefire were even lower. but it appears to have passed its first major hurdle. earlier today several hundred palestinians went to the border between gaza and israel, some reportedly there to check on land across the border in israel, others were, no doubt, hamas sympathizers testing the ceasefire. but as israeli trooped told them to back off from the border area, they refused, and israeli troops opens fire killing one palestinian. both israel and hamas accused the other ofhe ceasefire agreement, but neither side took steps to escal
approaching, there is a big story looming on the economy. and before this is over it is going to affect every american who pays taxes, has a mortgage or -- has to manage their own money, and that is every american. tonight, while shopping is a big story, along with the surprising amount americans are spending the bigger story is the fact that some very tough choices are coming, and it is the folks in washington who are going to decide for everyone. we have it all covered tonight, beginning with our chief white house correspondent, chuck todd, good evening. >> reporter: good evening, leaders in wall street and washington have been warning for weeks of a possibility of an economic downturn if they don't avert what we have been calling the fiscal cliff. and yet the consumers we have been talking about are not acting very worried. trying to capitalize on the strong holiday shopping season, the president warned that the economy will spiral downward if it is not addressed. >> i think it is a reason that retailers are so concerned. that congress has not yet extended the middle class tax cuts. >> rep
have to give a comprehensive bill. >> our economy right now needs skilled workers, about people who want to come here and we should fix the system that's broken and not only that family friendly and keeps families together and some families have one member of the family come here on a green card and they have to wait several years before they're reunited and this bill corrects that. >> they can't work once they get here, but they can come and be with their families. >> gentlemen, thank you so much, good see you both. >> thank you. >> pope benedict xvi, elevating six new cardinals today. you may remember he elevated cardinals last february, but the new group is made up entirely of non-europeans including one american. and today's choice will help choose his successor. >> and with the crowning of the six new cardinals, appropriate benedict is it putting his seal on the papacy and decades to follow. appointing well over half the men who will vote for his successor. while all are fairly young, the cardinals stand out for what they're not. they're neither european or italian. and the car
obama term in office? the economy, the fiscal cliff talks, the president's priorities in the next four years. our roundtable is here. david brooks of "the new york times." msnbc's reverend al sharpton. former ceo of hewlett-packard carly fiorina >> historian and film maker ken burns. and nbc chief foreign affairs correspondent andrea mitchell. and we'll hear from new york congressman, gregory meeks, as we check in on some of the hardest-hit victims of hurricane sandy and see how they offered thanks this weekend while surrounded by destruction. >>> from nbc news in washington, the world's longest-running television program, this is "meet the press." with david gregory. >>> president obama doing his part for the economy over the weekend out holiday shopping as part of small business saturday, picking up several children's book at an independent bookstore in arlington. >>> meanwhile, uncertainty in the middle east. more clashes in egypt over the weekend as police use tear gas this morning to disburse protesters in cairo. i want to start there. we have "new york times" columnist david broo
continue to believe that the u.s. economy is in pretty good shape. the consumer's in good shape. housing bottomed about 14, 15 months ago. companies like home depot, which recently exceeded expectations, raised long-term profitability goals, and portly, frank blake, who's orchestrated a great turnaround has noted that housing has finally gone from being a head wind to a tail wind. we like the asset management companies like waddell and reed. their flagship fund is in the eighth percentile year to date. industries and companies like retail, small banks, and home builders, we think are going to be good places to be as we go into the new year. >> all right. we will leave it there. rick santelli, final word from you on what drives fixed income and treasuries toward year end. same issues, i guess. >> well, i think next week, first of all, we have a gdp revision. second time around on third quarter. many are calling for a big upward revision from 2% to 2.8. if that actually happens, i think that would be a rather compelling reason outside of quiet holiday markets to see some sustained selling
at this time, in fact, the president even said a couple of years ago, it harms the economy. we are trying to help the economy. and, so, unless i can be convinced that raising tax rates will be beneficial, then obviously i think there's reason and ground for my position. but, i also believe that we can and must get an agreement, otherwise i think first of all, the markets are going to start reacting. >> chris: we'll talk about that in the next segment, and i think it is a real issue. finally, let's talk about the g.o.p. republicans, i don't have to tell you, had a really rough night on election night. and let's look at the break down of some of the numbers. you lost unmarried women by 36 points, hispanics, by 44 points. young people, by 23 points. does your party need to change, especially, with those groups, on social issues like same sex marriage and immigration reform? >> i think we have to have a bigger tent. no doubt about it. and, obviously we have to do immigration reform. there is no doubt whatsoever that the demographics are not on our side. and, we are going to have to give a muc
economy and how do we get us back to that and, two, how do you solve a problem? >> second big development. a growing number of liberal democrats say they're willing to risk going off the cliff to make sure raising taxes on the wealthy is part of the deal. politico is calling them cliff jumpers. l good morning to both of you. >> good morning. >> let me play a couple of clips to start out about the pledge. >> i will violate the pledge, long story short, for the good of the country only if democrats will do entitlement reform. >> a pledge you sign 20 years ago, 18 years ago, is for that congress. if i were in congress in 1841 i would have supported declaration of war against japan. i won't attack japan today. the world changed and the economic situation is different. >> i am not oblg gate on the pledge. i was just elected. the only thing i am honoring is the oath that i take when i serve when i am sworn in in january. >> chambliss already made a similar statement last week. the question is is this a real softening of positions? does it give them room to make deal. >> two things.
. energy is the lifeblood of a thriving economy and society. our future in energy provides the opportunity to significantly assist us in exiting our economic difficulties with jobs and new opportunities in abundance. we need reliable, affordable, and environmentally responsible in terms of supply. i say it is an important day because i believe we find ourselves at a unique point in history at the confluence of urgency and opportunity to them that we should make no mistake about it. -- and opportunity. we should make no mistake about it. if you examine the national intelligence council's global trends 2025 report, you'll find the word "energy" is one of the most repeated factors driving global security over the next 10 to 15 years. this means that achieving well conceived long term objectives depends on visionary action. the defining feature is about being pro-active. not reactive. this demands a sense of urgency and collegiality among the global community them back for the u.s., the united states, it is another critical challenge for our leadership responsibilities the world over. the prop
to then quickly craft a legislative deal that can stop the damage to the economy that would occur if we went off the cliff and stayed off the cliff. john boehner recognizes that the fiscal cliff is the president's leverage, but boehner believes he has leverage, too. politico reported this morning president barack obama made a demand of how john boehner near the end of their first white house meeting on the fiscal cliff, raised the debt limit before year's end. boehner responded, quote, there is a price for everything. boehner told president obama at the white house that the debt limit increase is quote my leverage. although he added that he's flexible on when it should be done. senator durbin said today that raising the debt ceiling must be part of any deal with republicans. >> i also think that the president isn't going to sign off on any agreement that doesn't include some certainty as to budgets, appropriations, dealing with our debt ceiling. we're not going to find ourselves with some big party celebrating in february and then turn around and march and have another doomsday scenario with the
, it could have serious consequences on the economy. >> i want to ask you both to weigh in on this question. kristen, you do the political angle and neil you give me the nuts and bolts. yesterday john boehner wrote an op-ed calling for the health care law to be part of the negotiations, he wrote in part the president's health care law at the massive, expensive, unworkable program when the national debt exceeds the size of our country's entire economy. we can't afford it, and can't afford to leave it intact. is john boehner right? >> no. look, it's a law that does a lot of things with the health care system. it's not predominantly a fiscal issue, in that that when the government does anything, it affects taxes. if you're the president you have no incentive to allow the health care law to be on the table in these negotiations. maybe on the edges there are a few spending programs you're willing to negotiate over. but in terms of the health insurance mandate and exchanges, all the things in this complicated law that passed two years ago, you're really going to draw the line and say, we're not g
will require to help its economy recover. >> eliot: that is the balancing act that prime minister morsi is trying to effect wait here. in essence for his economy to come back, he knows he needs the united states. he needs peace. a war would be devastating to what long-term he has to care about. is that, in fact, the leverage that secretary of state clinton has with morsi in saying to him you have got to lean on hamas to stop this and somehow we will navigate through this in the coming months but it seems to me that morsi has made himself a central figure in this process. >> well, sure. i suppose the difficulty for president morsi is hamas is the key actor in this equation but obviously there are other groups resident in gaza that perhaps even hamas does not completely control. so when you get to that aspect of assurances, prime minister netanyahu wants a period of calm before he signs a truce. obviously gave that point -- it is very challenging. eliot, the other aspect as your opening clip of hillary clinton underlined is th
. we're entering a deflationary time and in the japanese economy which is evident to a lot of fundamentals we're seeing. and i think it will cause levels to drop further. >> they could actually just do old fashioned money printing. just put more bank notes and -- instead of buying government debt, they could do it the old fashioned way. >> that is definitely an option. i think they'll be trying every resource possible. i think there is just no demand for credit. you can flood the market, but who is there to demand it. >> so the yen strength is overdone. what does that mean for some of the other cost rates looking at euro-dollar now firmly in this range. is that in place for a while? >> i think we've seen a lot of range shading at the moment even in terms of the election, we see no reaction in euro-dollar. i do think we'll remain range trading right up up until the end of this quarter. the omt policy is really underpinned euro u.s. and created a floor under this currency. >> okay. good to see you. thanks for that. the financial services authority has hit ubs with a 27.9 mill
to cripple the syrian economy. eight round-trip flights between moscow and damascus delivering more than 200 tons of, quote, bank notes into syria. u.s. and european sanctions include a ban on syrian currency in an attempt to slow the violence that's killed thousands of people. syria and russian officials have so far not responded to the reports. >>> overseas tens of thousands are rallying today in cairo's tahrir square protesting what they view as a blatant power grab by president mohamed horsey. with tensions mounting yesterday, morsi appeared to soften his controversial attempt to award himself near absolute power above the reach of the law. in a vaguely worded statement, morsi spokesman backtracked slightly saying that only acts of sovereignty would be immune from oversight. >>> well, u.s. consumers went big this weekend for small business saturday. millions of holiday shoppers spent a total of $5.5 billion during the third annual local business shopping event. mika spent half of that in the south of france. and that's not even counted in that tally. for more on the holiday shopping seas
's the one most beneficial for our economy. >> reporter: the president's trying to take advantage of that different tone. he talked to speaker boehner over the weekend by telephone. and today you've had two business leaders, john engler, tom donahue, in to meet with senior white house officials. they're trying to keep this going. aides on capitol hill tell me no substantive progress in negotiations just yet. they're just now getting back to work after thanksgiving. >> how does that make you feel about the market? does it make you feel like they have more kum-bi-ya going on in washington, d.c.? does it make you more willing to invest? >> i'll tell you what. i saw spielberg's "lincoln" over the weekend and it was incredible because it reminded me how nothing has changed on capitol hill. >> i agree with you 150%. >> in 150 years. >> don't you get tired of everybody saying, oh, washington is a mess right now. it's never been this bad. it's always been this bad. you see that in the movie. >> well, we had a civil war in the -- >> some say it's never been worse. it's been worse. >> go ah
we can evaluate the markets and evaluate the economy? >> the markets are not going to allow that. the markets now understand very clearly the formation of capital is at risk here. we have a absolutely suffocating mountainous debt that is going to extinguish the private economy in this country. lori: bond market is letting it happen. the interest rates are staying low. >> you're quite right but it is also the most defensive position for money of that dimension to inhabit. when we see a change, then we'll see difference ares in direction and flow of that capital but until then, this is a president and a congress, republican and democrat, that are risking everything through their lack of courage, their lack of principle, and lack of vision and responsibility. these people are playing out like they want to come away from this with a whole chapter and profiles in courage devoted to them. it is not going to happen. this is a profile in cowardice. this is profile in the lack of intellectual integrity and a absolute refusal to be straightforward with the american people. i mean we've got
stores that are struggling in a tough economy. local retailers are looking for a boost they need. and ther joining us from new york with more on this effort. >> anna. >> hey, there. today is small business saturday and carries more significance. and the northeast is still reeling economically from super storm sandy. we are here in long island and the owner said sandy could not have hit at a worse time. she makes 40 percent of the sales and said it will be impossible to make up the sails and is thankful because all of the ventors are letting her delay payment. >> i was in tires actually over that. i was scared. i don't want to lose my credit and good name and repitation. they are sticking by me. >> this business is like your child. >> this is my other home. this is it my other home. >> from staten island to long island ther urging to give back and help neighborhoods devastated by the storm. it is it estimated 100 million people participated in the growing event. and the economic impact and in the 50 billion range and 12 billion in new york city alone and 20 billion. total from los
1st or 11:59 the day before january 1st. it's already starting to impact the economy. whether it impacts consumers -- and we'll find out today, by the way, in terms of thanksgiving and what's that meant, whether consumers are coming out or not -- but thoorz the bigger issue that manufacturing has already started to slow down. people are starting to worry. it may end up in the economic numbers already, just the fact that we're having this debate. and then come january 1st, do we go over? what does that mean? is it the fiscal cliff? or does it look like the fiscal bungee cord? that's what some people are calling it. we go over for two weeks and then we snap back and get a deal and what does that deal look like? >> a lot of positive talk following the election. even bill kristol talking about let's feel free to raise taxes if it's part of a bigger deal. a lot of elections don't have consequences, midterm elections. this was supposed to be a status quo election. but something happened here. i think the fever is starting to break. >> absolutely. you're going to see it, i think, on
interest deduction may be on the chopping block if the economy falls off the fiscal cliff. what does it mean for you and your nation's nascent housing recovery? rodney anderson is the director of supreme lending. welcome, sir. >> good afternoon, lori, rodney, the mortgage interest deduction, on? mous with terms like sacred cow and untouchable but that is changing. >> absolutely. we know several years ago they would have to address the mortgage interest deduction. what we need to remember here is the housing market is already in a troubled stage. ben bernanke last week saying mortgage lending guidelines are overly tight. so we're in an area right now that we know we need to get rid of the deduction but how do we do it? we have to do it structured. lori: let me come in here with this point. are you saying if we get rid of this deduction it could thwart, to your point a very vulnerable recovery? today we got the mortgage apps down 23 years from the prior weeks. new home sales were down when they were expected to rise? >> yeah, it could absolutely hurt the, short term it could hurt it. l
.s. treasury department is now stopping short of labeling the world's second biggest economy a currency manipulator. the white house is expected now to send the congress a multi-billion-dollar request on the recovery from superstorm sandy. the storm caused an estimated $71 billion in damages in new york and new jersey, and some congressional aides saying the request for funding would likely be at least $11 billion. the move comes as canada gets close to its decision on whether to approve the transaction. the energy companies say discussions with the committee are still in progress, and of course they had to file approval because they have extensive operations in the u.s. gulf of mexico. >>> "the wall street journal" reporting that virtue is emerging as the frontrunner to buy knight capital. they would possibly sell off parts of that business. finally, we can't get away from the story of twinkies. the bakers union of hostess brands wants a bankruptcy judge to appoint a chapter 11 trustee to ensure an orderly winddown. the union is saying it objects the allowing incumbent management to su
yet, with whispers of possibly the fed stimulating the economy even further, and with economic data pouring in almost daily that suggests we're still sputtering along? >> well, i tend to think 2013s going to be a great year. i'm not just looking at housing and employment. i'm looking at the architectural building index. there's stuff in the draw room. they're ready to bid out this winter and break ground in the spring. the republicans know that. the democrats know that. i would agree with rick. right now it's hard to imagine they can come up with something. we know they can. we know the democrats can say, okay, we'll give you something on means testing entitlements and we'll move the social security age up. republicans will say, we'll get rid of second mortgage deductions. they can do it. i don't think they really want to do it yet. so we just sit here sort of up 100, down 100. you know, just stand on the sidelines and wait until they figure it out. >> ryan, how are you allocating capital as we watch these gyrations on a daily basis because of comments out of capitol hill? >> the bo
taxes which we think would be harmful to the economy. and if you look at how much revenue that raises, $68 billion next year, that funds a government for less than a week. and it does potential significant harm to the economy and raises taxes on the very people we are asking to go out and create jobs. >> dick durbin says when you're talking about entitlement reform or cuts in spending for medicare, medicaid for example, he says that's too complicated now. listen to what he said this morning. >> when it comes to medicare, we know that it's going to run out of money in 12 years. whatever changes we want to make should be thoughtful changes not made in the heat of the fiscal cliff. >> can you defer medicare for example -- medicare reform until after you get a deal on the fiscal cliff? >> well, if we do that, wolf, i think what you have to do is also defer the issue of taxes. i think you extend tax rates some time into the foreseeable future whether that's six months or a year and allow us to go through the process where we can deal with entitlement reform and tax reform in regular order.
of the economy, but americans didn't hold back on what turned out to be a record-breaking holiday weekend for retailers. and it's not over yet. cyber monday is officially in full swing and experts predict today will be the biggest online shopping day of the year to the tune of $1.5 billion. nbc's kristen dahlgren has more. >> reporter: from the moment doors opened thursday, before the thanksgiving dishes were even done, almost a quarter billion shoppers will have been online or in stores. >> i just prepare, put my speakers on and go for it. >> reporter: shopping started earlier than ever, and in spite of the employee protests, the early opening paid off. according to the national retail federation, more than 35 million shopped on thanksgiving, six million more than last year. black friday was big, too. 89 million braved the crowds in search of those hard-to-beat bargains, up from 86 million last year. >> the biggest wish list is -- >> uggs. >> reporter: and americans spent more, too. the average shopper spent $423 this weekend, up from $398 last year, for a total of $59.1 billion. it's no
send the entire world economy into a recession. steve moore is here, senior economics writer at the "wall street journal." he joins us now from washington, d.c. will they prevent it, steve? >> the good news is, no one should ever listen to what they say. but, you know, these go sheesh and keep rolling on. my sources on capitol hill say that there is still a lot of gridlock there. the main thing, in my opinion, can they reach a deal on these taxes that does not require all of the requirements of business to go up? dagen: do think that happened, because again, there are so many taxes that we need to worry about, the lawmakers never fixed it for 2012. if they do not fix that, it will hit 33 million americans. the payroll tax cut. will that go away, because, again, it was temporary ones, temporary twice and it will still be a higher tax. >> im so glad you brought up the amt. nobody has really been focusing on this. that would be bigger than even extending the bush tax cuts. you are talking about $2 trillion in additional taxes on americans over the next decade if we do not fix th
the fiscal cliff could cost the economy, the equivalent of four times what shoppers spent over black friday weekend. >> tom: i'm tom hudson. it's cyber monday, and shoppers are online, and spending; they'll shell out an estimated $1.5 billion online today. >> susie: and change comes to the nation's top securities regulator: mary schapiro is stepping down. we look at what's next for the securities and exchange commission, and its new leader. >> tom: that and more tonight on "n.b.r."! >> susie: americans were back at work today after a long holiday weekend, but returned to the same worries about the fiscal cliff. and a new report from the white house added to the worries, showing that unless there's a deal on solving the crisis, the u.s. economy would suffer big time. the obama administration's economists estimate consumers would spend about $200 billion less next year than they would have otherwise. congress and the administration have only a few more weeks to nail down a deal. but that deal will have to address some tough issues, including entitlement reform. darren gersh explains. >> repor
40. >> if you're trying to forecast the economy, what matters is what america actually decides, not what it should decide. what it's actually going to decide is a small bargain that gets us through 2013 and doesn't fix the problem. that's the reality that we're going to face. >> so your gdp under that scenario for 2013, 2014, 2015 -- >> yeah, for 2012, we'll have about two quarters of 1.5%. i think we'll get some resolution by mid year so we'll grow 2.5%, maybe 3%. >> mid year. >> yeah. and then in 2013, i think you can grow 3%, maybe more as long as you have -- >> if you just let it ride? >> that's my forecast. we're not going to fix these fundamental problems except over a ten year period with 10 or 15 pieces of legislation. >> medicare alone is 42 trillion unfunded. social security 20.5 trillion. and then you add the 16 that we know about to that. none of these are in black and white those first two that i mentioned. you add it all together, 86.8. >> a lot depends on what happens to medical care. i mean, one thing that could change these estimates tremendously, find a cure f
think there's a very serious damage done to the economy and to the world economy and the approaches bush took running up to this and that obama is put on steroids. this is in the middle of many problems to continue to not be ended. and the was a very big problem. to be much more serious about spending and it was in that way before. >> how do you fix? >> the house republicans already passed the budget that would work and pass the extension of the tax cuts they would work and you go in and have these conversations in front of the american people without about how romney is mean to dogs and causes cancer and actually talking about issues. and i think that is a debate that we need to have. we haven't had it, certainly didn't have it in this last election and we can have it now. it's very helpful. i think at the end of the day we will make the right decision partially because the democrats are terrified of the damage that obama has to drive them over and they wouldn't actually do that as obama threatened to throw us off a cliff year ago in august and didn't. >> we weren't going to get the neg
line, if you're a retail giant and just trying to get the most you can in a tough economy, do you see why they want to get out there and just get a jump-start and open up tonight? >> i definitely do, especially in the economic times understand why they would open. however, they are claiming to have consulting every employee's work schedule and requests but i can guarantee that not every single employee was personally consulted as to whether they wanted to work thanksgiving or black friday. target also flat-out ignored availability. for example, my fellow coworker never works fridays due to previous childcare arrangements with her daughter and she is scheduled to work black friday anyway. >> clearly it is not making people happy, but i thank you for coming in to share your thoughts. happy thanksgiving. >>> coming up, if congress can't get a deal done, how will it impact your pocketbook in the new year? >>> plus, how victims of hurricane sandy won't be forgotten this holiday. i had enough of feeling embarrassed about my skin. [ designer ] enough of just covering up my moderate to severe
economy by shopping at locally owned stores. the movement is in its third year. and it is growing. according to a new survey 67% of shopper who's know about small business saturday plan to take part in it. that's up 44% from last year. dave, i know this has made you very sad. hollywood is mourning the loss of larry hagman. >> j.r. >> wait a minute. it's your style j.r., my wife and the man who put cliff barnes in office. >> you have got plenty of trouble before y'all got married. i don't understand why you think she has changed. >> hey. stop. knock it off. >> classic. >> legend. >> hagman best known for his role of course as the villain j.r. ewing on his star with dallas. lost his battle with cancer dallas hospital. linda gray had this to say on the star's passing. larry hagman was my best friend for 35 years. he brought joy to everyone he knew. i will miss him enor muresly. >> she was at his side. >> he he was apparently surrounded by family and friends. >> hagman was the son of mary martin. he was also known for his role as major tony nelson in i dream of jeanne, of course, he w
serious consequences for the entire economy. a lot of details here and they are coming up inside fox report. well, just hours remain in what is expected to be the biggest online shopping day ever. the research firm core score predicts americans will spend $1.5 billion online today alone this cyber monday. that's up 20% from last year. the national retail federation reports the average holiday shopper spent $423 this weekend in stores and online. total spending an estimated $59 billion. cheryl casone live from the fox business network with us tonight. cheryl, that's a big shot in the army for the economy. isn't it? >> it certainly is, shepard. we are seeing an allot of interest in online shopping today. initial numbers into fox business about how many people are out there spending this, today cyber monday. this is going to be already the biggest cyber monday ever when it comes to sales or revenues for the nation's he biggest retailers. number one amazon.com. number two wal-mart. 122 million people shopping today on web sites with the estimate looks like at this point we are going to b
expert says is a clue that the economy is still has a ways to go on its recovery. >> early results for cyber monday from ibm's digital benchmark show 2012 online sells are up nearly 26% from last year. 21 percent of shoppers are using mobile device to visit stores web site. and the iphone continues to drive more retail sales than any other device. reaching 8.3% ticket the time%4:52. we are follofollowing a lot story police standoff on treasure island both on and off texas are close.all are closed. >> we will be right back. welcome back. the time is 4:55. the star of a hit comedy show is slamming his own tv show he tells of fans not to watch chris brown is taking in all the breaks and twitter. >> here is your hollywood minute. the youngest start of to and a half man is calling the show fails and telling viewers not to watch it. angus jones. the actor talks about how he found religion on a website and why his staff does not jive with the hit show i am jake from to and as metwo and a half men. the represent a for to and a half minutes not commenting on the video pictures >> the cente
consumer giving the economy a big lift or will fears about the fiscal cliff get in the way? a roundtable discussion is up next. you saw sears and kmart president kick off the open at the nasdaq. can his store ring up strong sales this holiday season? we'll head to break and look at this morning's early movers on wall street led by best buy up 1.6%. with the fidelity stock screener, you can try strategies from independent experts and see what criteria they use. such as a 5% yield on dividend-paying stocks. then you can customize the strategies and narrow down to exactly those stocks you want to follow. i'm mark allen of fidelity investments. the expert strategies feature is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. if we want to improve our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so
the modern economy, you'll hear something like the following phrase. well, the last 30 years of the american political economy has been very good for consumers, but bad for workers. well, it's not like there's two parts of me. it's just the same person who is doing both of those things. the question is in total, are you better off. and jennifer is someone who runs a small business and is in the world of retail. i want to hear what your thoughts on all of this right after we take this quick break. >>> that's the video of the walmart in georgia on black friday that we were debating whether we wanted to show. so we thought -- >> we say voyeurism -- >> well, no, we said we're only going to show it if we unpack a little bit rather than just kind of throw it out and look at those crazy people. jessica, not jennifer. we're 14 minutes into the show, i got one person who wasn't arrested saying was arrested. what was your take away from the walmart action? >> i honestly think it's inspiring. we were talking about this a moment ago. i think like the occupy movement, even if it's a sort of a symbolic mo
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